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Stock impact report

Top Philippine Fintech GCash Wants 10%-15% Public Float for IPO [Yahoo! Finance Canada]

Mitsubishi UFJ Financial Group, Inc. (MUFG) 
(Bloomberg) -- The company behind the Philippines' top mobile wallet GCash is seeking a lower minimum public float of 10%-15% for its planned initial public offering, a top executive said. Most Read from Bloomberg “What we are pushing is the fact that given the size of this IPO, 20% may be too high,” Globe Telecom Inc. President and CEO Ernest Cu said on Monday, referring to the Philippines' minimum public float requirement for IPOs. Cu chairs Globe unit Mynt, the parent of GCash. “I think a range between 10% and 15% is good,” Cu said in an interview with Bloomberg Television's Annabelle Droulers and Rebecca Choong Wilkins. “It gives us that room to play with depending on what we see demand shaping up” to be, he said, adding, “there is quite a bit of interest from foreign investors in the issue.” The company will need approval for its lower public float from the Philippines' Securities and Exchange Commission. Its planned IPO comes as the local stock market is reeling from lo Show less Read more
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